Gilat Satellite Networks Awarded approximately $4 Million Contract to Provide Connectivity for rural areas in Latin America

Rhea-AI Summary

Gilat Satellite Networks (Nasdaq: GILT, TASE: GILT) has secured a $4 million contract to provide rural connectivity in Latin America for a period of 3 years. The company will offer critical connectivity for banking transactions and support services in remote areas.

Gilat's satellite communications solutions will ensure connectivity and business continuity for distant bank branches, covering core banking, e-mail, security, ATMs, and Point of Sale operations. The company's robust satellite network, enhanced with the latest technological advancements, meets high-quality standards required for business continuity in remote areas and during potential disasters.

Ron Levin, Gilat's Chief Commercial Officer, expressed satisfaction in supporting essential banking services in rural Latin America.

Positive

• Secured a $4 million contract for rural connectivity in Latin America
• Contract duration of 3 years, providing steady revenue stream
• Expanding presence in the Latin American market
• Providing critical connectivity for essential banking services in remote areas

Negative

• None.

PETAH TIKVA, Israel, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (Nasdaq: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions, and services, announced today that it has secured approximately $4 Million contract to provide rural connectivity including banking transactions in Latin America for a period of 3 years.

Gilat provides critical connectivity for people living in remote areas who rely on the bank for payment services, as well as support services for senior citizens, families, and other underserved populations.

Gilat provides satellite communications solutions to distant branches, as well as satellite backup links, to ensure connectivity and business continuity. This is critical for the bank’s operation for core banking, e-mail, security, ATMs and Point of Sale.

“We are very pleased to support essential banking services in the rural areas of Latin America,” stated Ron Levin, Gilat’s Chief Commercial Officer. “Over the years, we have built a robust satellite network, continuously enhancing it with the latest technological advancements. This ensures that we consistently meet the high-quality standards required for business continuity, even in remote areas and in the face of potential disasters.”

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we create and deliver deep technology solutions for satellite, ground, and new space connectivity and provide comprehensive, secure end-to-end solutions and services for mission-critical operations, powered by our innovative technology. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

Our portfolio includes a diverse offering to deliver high-value solutions for multiple orbit constellations with very high throughput satellites (VHTS) and software-defined satellites (SDS). Our offering is comprised of a cloud-based platform and high-performance satellite terminals; high-performance Satellite On-the-Move (SOTM) antennas; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense, field services, network management software, and cybersecurity services.

Gilat’s comprehensive offering supports multiple applications with a full portfolio of products and tailored solutions to address key applications including broadband access, mobility, cellular backhaul, enterprise, defense, aerospace, broadcast, government, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the current terrorist attacks by Hamas, and the war and hostilities between Israel and Hamas, and Israel and Hezbollah and Iran; and other factors discussed under the heading “Risk Factors” in Gilat’s most recent annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and Gilat undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Gilat Satellite Networks
Hagay Katz, Chief Products and Marketing Officer
Hagayk@gilat.com

EK Global IR
Ehud Helft, Managing Partner
ehud@ekgir.com

FAQ

What is the value and duration of Gilat Satellite Networks' (GILT) new contract in Latin America?

Gilat Satellite Networks (GILT) has secured a contract worth approximately $4 million for a duration of 3 years to provide rural connectivity in Latin America.

What services will Gilat Satellite Networks (GILT) provide under this new contract?

Gilat Satellite Networks (GILT) will provide critical connectivity for banking transactions, support services for senior citizens and families, and satellite communications solutions for distant bank branches, including backup links for business continuity.

How does Gilat Satellite Networks (GILT) ensure connectivity in remote areas?

Gilat Satellite Networks (GILT) has built a robust satellite network that is continuously enhanced with the latest technological advancements to meet high-quality standards for business continuity, even in remote areas and during potential disasters.

Who commented on the new contract for Gilat Satellite Networks (GILT)?

Ron Levin, Gilat's Chief Commercial Officer, commented on the contract, expressing satisfaction in supporting essential banking services in rural areas of Latin America.